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World

Web Desk
December 1, 2016
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Donald Trump’s cabinet is the richest in ‘American history’

Donald Trump’s cabinet is the richest in ‘American history’

WASGINTON: US President-elect Donald Trump is putting together what will be the wealthiest administration in modern American history.

According to a list compiled by the Washington Post, his announced nominees for top positions include several multimillionaires, an heir to a family mega-fortune and two Forbes-certified billionaires with rumors that more ultra-rich could join him.

Many of the appointees were born wealthy, attended elite schools and went on to amass even larger fortunes as adults. Their collective wealth in many ways defies Trump’s populist campaign promises.

Wilbur Ross:

Trump’s nominee for commerce secretary is industrialist Wilbur Ross, who has amassed a fortune of $2.5 billion through decades at the helm of Rothschild’s bankruptcy practice and his own investment firm, according to Forbes.

Steven Mnuchin:

Treasury Department nominee, Steven Mnuchin, is a former Goldman Sachs executive, hedge fund executive and Hollywood financier.

Betsy DeVos:

Michigan billionaire, Betsy DeVos, who was named as Trump’s education secretary, is the daughter-in-law of Richard DeVos, the co-founder of Amway. Her family has a net worth of $5.1 billion, according to Forbes.

Elaine Chao:

The choice for transportation secretary, Elaine Chao, is the daughter of a shipping magnate. It is a group that has long spent big to influence politics.

Harold Hamm:

Harold Hamm - a self-made oil industry executive who ranks 30th on the Forbes 400, a list of the wealthiest Americans, with a net worth of $16.7 billion - is on Trump’s shortlist for secretary of energy.

Andrew Puzder:

A restaurant industry executive, Andrew Puzder, has been floated for labor secretary.

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